- Purchase Cycle describes the steps that the consumer or business undergoes during the purchase cycle.
- Purchasing cycle may include steps like obtaining approval for a purchase, completing purchase requisition paperwork, quotations, issuing a purchase order, receiving and inspecting the item, adding it to an inventory and paying vendor invoices.
Stone Profit Systems Purchase Cycle :
- In Stone Profit Systems, purchase order starts from pre-purchase request phase.
- Customer place the pre-purchase request for products / services to the single or multiple suppliers.
- After placing the pre-purchase request . Customer have to wait for response(quote) from the multiple suppliers.
- After getting the response from the supplier.you will select the supplier from the multiple suppliers, who satisfies the customer requirements(good quote).
- Customer will create the purchase order.
- Supplier will send the Inventory and Invoice to the customer.
- Based on supplier Invoice customer will note the what he received, how much received and cost.
- Customer will make the payment to the supplier.
- If any damage happen to the products then customer will return the damaged goods to the supplier.
Advantages :
- Step by step procedure of purchase cycle will make customer to feel the easy and comfortable to work.
- More detailed features provided.
Disadvantages :
- Some of the fields are named with shortcut names (Ex : UOM). That Shortcuts makes the customer to feel difficult sometimes.
